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HomeMy WebLinkAbout901265901265 State of Wyoming Si)ace Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security lnstrumem) is .0.7.-.1.6.-.2.Q0..4 .................................... and the parties, their addresses and lax identification numbers, if required, are ;ts follows: MORTGAGOR: THE SANDS FAMILY TRUST DATED 11-22-99, HAROLD R SANDS AND DORIS SANDS TRUSTEES P,O. BOX 982 THAYNE, WY 83127 [] If checked, refer to the attached Addendum incorporated herein, acknowledgments. . LENDER: BANK OF JACKSON HOLE ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 990 W. BROADWAY P.O. BOX 7000 JACKSON, WY 83002 for additional Mortgagors, their signatures and CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrmnenl, Mortgagor grams, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: k01 8, SIAR VAL[[Y RANCH P[al 7, ACCORDING TO THAT OFFICIAL PLAT THEREOF RECORDED IN THE OFFICE OF THE LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOMING. 3o The property }s loTateil' in ............................... .L. IN.~O.[N.' ............................... at .1.1.6. .qE..D.~.8.OBtV.[. ............................... (Camay) ............................................................... , ...................... ]'~byNE. ....................... Wyoming .. ....... 8.3. !.2Z ........ · (Address) (City) (ZIP Code) Together with all rights, easmnents, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any thne in the'future, be part of the real estate described above (all referred lo as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal mnount secured by this Security Instrument at any one time shall not exceed $ .3.5.,.0.0.0...0.0. ........................................... Tiffs limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made uuder the tel-ms of this Security Instrument to protect Lender's security and to perform arty of the covenants contained itt this Securily Instrmnent. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contracffs), guarauty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (When referencing the debts below it is suggested that you inchMe items such as borrowers' names, note amout~ts, interest rates, maturity dates, etc.) PROMISSORY NOTE DATED 7-16-2004 IN THE AMOUNT OF $35,000.00 WYOMING - MORTGAGE {NOT FOR FNMA, FHLMC, FHA OR VA USE) ~)1994 Bankers Systems, Inc., St. Cloud, [,aN (1-BO0 397-23411 Form RE MTG-WY 11/18/94 All future advances frmn Lender to Mortgagor or other fature obligations of Mortgagor to Lender umler any promissory note, contract, g'uaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrmnent will secure all future advauces and future obligations that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. All fmure advances and other future obligations are secured by this Security Instrument even though all or part may not yet be advanced. All future advances aud other future obligations are secured as if made on tile date of this Security lnstrume~a. Nothing in this Security Instrmnent shall constitute a cotnmitn~ent m make additional or future loans ur advances in arty mnount. Any such commitment must be agreed to in a separate writing. C. All obligations Mortgagor owes to Leuder, which may later arise, t{) the extent not prohibited by law, including, but not lhnited to, liabilities for overdrafts relating to any deposit accouut agreement between Mortgagor attd Lender. All additional sums advanced and expenses incurred by Lender for iusuring, preserving or otherwise protecting tile Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. This Security Instrumeut will not secure any other debt if Lender fails to give any required notice of the right of rescission. PAY'MENTS. Mortgagor agrees that all payments under the Secured l)ebt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreemeut or other lien document that created a prior security interest or encumbrance ou the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply:with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives frtml the holder. C. Not to allow any modification or extension of, nor to request any furore advances under any note or agreemeut secured by the lien documefit without Lender's prior written consent. CLAI/VIs AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender ntay require Mortgagor to provide to Lender copies of all notices that such mnounts are due and the receipts evidencing Mortgagor's paymeat. Mortgagor will defend title to the Property against any claims that would impair .the lien of this Security lnstrumeut~ Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have agaiust parties who supply labor or materials to maintain or improve the Property. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, auy lien, encumbrance, trausfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall uot commit or allow any waste, impaimmm, or deterioration of the Property. MOrtgagor will Keep the Property free of noxious weeds and grasses. Mortgagor agrees that thc nature of the occupancy and use will not substautially change without Lender's prior written consent. Mortgagor will not pemfit any change in any license, restrictive covenant or easement without Lender's prior wriiten consent. Mortgagor will ,rotify Leuder of all demands, proceedings, clahns and actions against Mortgagor, and oi' arty loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Properly at auy reasouable time for tile purpose of inspecting the Property. Lender shall give Mortgagor notice tit the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in nc) way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perfom~ any duty or any of the covenants contained in Ihis Security Instrmnent, Lender may, without re)tire, perform or cause them to be performed. Mortgagor appoints Leuder as attoruey iu fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perfomt for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercisiug any of Lemler's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a 'reasonable mauner, Lender may take all steps necessary to protect Lender's security interest in the Property, includiug completion of the construction. : 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grauts, bargains, conveys, mortgages aud warrants Io Lender as additional security alt the right, title and iuterest in and to auy and all existing or future leases, subleases, and any other written or verbal agreelneats for the use and occupancy of any portion of the Property, including any exteusions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") aud reals, issues and profits (all referred to as "Reals"). Mortgagor will promptly provide Lender with true and correct copies of all existing and furore Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is hmnediately effective betweeu the parties to this Security Instrument. 'Mortgagor agrees that this assigmnent is effective as to third parties when Leuder takes affirmalive action prescribed by law, and that this assigmnent will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of connnencing legal action and that actual possession is deemed to Occur when Lender, or its agent, notifies Mortgagor of tlefaull and demands that any [euaat pay all future Rents directly Io Lender. On receiving notice of default, Mortgagor will endorse and deliver to Leuder any paymeut of Rents in Mortgagor's possession and will receive any Rents in trust for Lender aud will not commingle the Reuts with any olher funds. Any moues collected' will be applied as provided in this Security lnstrunmat. Mortgagor warfares that uo default exisls under the Leases or any applicable landlord/tenant law. Mortgagor also agrees Io maintain and require any tenant to comply with the terms of the Leases and applicable law. 12. LEAsEHoLDS; CONDOMINIUMs; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with. the provisions of any lease if this Security Instrument is on a leasehold. /f the Property includes a unit: in a condominium or a planned.unit developmen;,~ Mortgagor will perform all of Mortgagor's duties under the covenants, by. laws, o,: regulations of the condominium or planned unitdev~lopment. 13. DEFAULT. Mortgagor will be in default if any party obligated ou tile Secured Debt fails to make payment when due. Mortgagor will be in default if abreach oct:uts un(!er the terms of this Security Instrument or any olher document executed for the purpose ofcreatiug, securing or guarantying the Secured Debt. A gtmd faith belief by Lender that Lender at any time is insecure with respect to any person or dntity obligated on the Secured Debt or that the prospect of any pay~nent or the value of the Property is hnpaired shall also constitute au event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide lvlortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrurnent in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and priucipal shall become innncdiately due and payable, after giving notice if required by law, upon the occurrence of a defiullt'or anytime therealter. ItL additiou, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Security Instrunmnt and any related documents including, without lhnitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on tile Secured Debt after the balauce is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it Continues or happens again. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except wheu prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security lustrumeut. Mortgagor will also pay on demand any amount incurred by Lender foL' insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of ilLe payment until paid in full at the highest interest'rate in effect as provided iu the terms of lille Secured Debt. Mortgagor agrees to pay all costs aud expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable altorneys' fees, court costs, and other legal expenses. This atnount does not include attorneys' fees'fOr a salaried employee of the Lender. This Security Instrmnent shall remain ill effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Euvironmet~lal Law means, without limitation, the Comprehensive Enviromnental Response, Compensation and Liability Act (CERCiLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, envi,'onment or a hazardous substance; dud (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contamiuam which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, Without lhnitation, any substances defined as "hazardous material," "toxic substauces," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no ltazardous Substance is or will be located, stored or released on or in the property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the nolmal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threateued release of a Hazardous Substance occurs on, under or about ~the Property or there is a:violation of any Environmental Law concerning tile Property. 1,~ such au event, Mortgagor shall take all necessa?y remedial action in accordance with arty Enviromnental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of ally Hazardous Substance or the violation of any Enviromnental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of auy pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or auy other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Morlgagor assigns io Leuder the proceeds of any award or clahn for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied .as provided in this Security Instrument. This nssigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lieu document. 18. INSURatNCE. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This iusurance shall be maintained iu the amounts and for the periods that Lender requires. The insurance carrier providing the insurauce shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maiutaiu the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall iuclude a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall innnediately notify Lender of cancellation or termination of the insurance. Lender shall have the righ.t to hold the policies and renewals.' If Lender requires, Mortgagor shall immediately give to ]~ender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give innnediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made hmnediately by Mortgagor. Unless otherWise agreed in writing; 'all insurance Proceeds shall be applied to Ihe restoration or repair of the Property or to the Secured Debt, whether o(not then due, at Lender's option. Any application of proceeds to principal shall nol exteud or postpone the due date of the scheduled payment nor change the atnount of any payment. Auy excess will be l)aid to tile Mortgagor. If the Property is acquired by Lender, Mortgagor's right co any insurance policies and proceeds resulting from damage to the property before the acquisition shall pass to Lender to tile extent of' the Secured Debt immediately before the acquisition. : ' 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided ia a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, auy financial statement or infom~ation Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file auy additional documents or certifications that Lender may cousider necessary to perfect, coutiuue, and preserve Mortgagor's obligations under this Security Instrmnent and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security lnstrunlent but does not sign au evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property lo secure payment of the Secured Debt and Mortgagor does not agree to be'personally'liable-bn the Secured Debt. If this Security lnstrmnent secures a gunramy between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Eender from bringiug any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security 'Instrument. The duties and benefits of lhis Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Leuder. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully intcgramd. This Security Iustrument may not: tie an-tended or modified by oral agreement. Any section itl this Security Instrmnent, attachments, or'any agreement related to the Secured Debt that conflicts with applicable law will m)t be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrumem cannot be enforced according to its temps, dmt section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, tile singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms o15 this Security Instrmnent. Thne is of Ibc essence in this Security Instrument. 23. 24. 25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or lo any other address designated ill writing. Notice to one mortgagor will be deemed to be tmtice to all moitgagors. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property, OTItlgR TERMS. If checked, the following are applicable to this Security Instrument: [] Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced too zero balance, this Security Instrument will remain in effect until released. [] Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement ou the Property. [] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or ill tl~e future and that are or will become fixtures related to the Property. This Securily Instrument suft'ices as a financing statemem and any carbon, photographic or other reproduction may he filed of record fi~r purposes of Article 9 of file Unifmm Commercial Code. [] Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] '[2] Coudominimn Rider [] Planned Unit Development Rider [] O~her ........................................................ [] Additional Terms. SIGNATURES: By ~igning below, Mortgagor agrees to the terms and covenants contained in this .Security Iustrmnent and in any attaclnnents. Mortgagor also acknowledges receipt of a copy of this Security Instrument:on the date stated on page 1. THE SANDS FAMILY TRUST DAIEfl ~-99, HAROLD R SANOS ~ND ~ORIS SANDS TRUSTEES ACKNOWLEDGMENT: . ,, ~ x . ~ STATE OF .... ~.t~ ...................... COUNTY OF ..... . .L~.'.t .v~x~ ........................ i ss. 0,~i ~) This j~strume, nt. w'~ a~cknowlc(]~ged before ~e this ..... ..~.~1~ ........ day o~t' ...O;.~~ .... ~..~.'!'t ................. by .. H C't~%4P~..-..~...~. i..-~..)~..~ .... ~ .... ~;~.e'!~-~d'~. ~. .... ~L~~, .'T~~.. ] ....... ..... My conmaission expires: ~)1994 Bankers Systems, Inc., St. Cloud, MN (1 800-397-2341) F~rm RE MTG-WY 11/18/94 [,oage 4 of 41